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Sukuk Analysis: Dissecting Risks & Recourse

IM Events
By IM Events
7 years ago
Sukuk Analysis: Dissecting Risks & Recourse. Email: zahidah@learncifa.com for more information.

Ard, Islam, Mal, Shariah , Sukuk


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  1. SUKUK ANALYSIS : DISSECTING RISKS & RECOURSE Part of the CFA Continuous Education (CE) Workshop 27th February, 2017 @ 1pm – 3pm PST, San Francisco Email zahidah@learncifa.com for more information COURSE OVERVIEW Asset based Sukuk are the most popular Sukuk in the market. In terms of recourse, these are unsecured Sukuk. Covered and asset backed Sukuk are less widely used. In this course, we will analyze the risks of different sukuk structures. The cases guide the delegates to clauses in Sukuk documentation that explain the recourse in deals. At the end of the course, the delegates will be able to:  Evaluate how sukuk are distinct from traditional fixed income.  Analyze credit, legal, and Shariah issues in different types of Sukuk.  Compare the recourse in asset based, covered and asset backed Sukuk COURSE DIRECTOR COURSE LOCATION Abdulkader Thomas President & CEO, SHAPE® Knowledge Services Classroom @ Conference Room, 100 Pine Street, Suite 1250, San Francisco, Webinar @ Adobe connect As a participant in the CFA Institute ApprovedProvider Program, SHAPE Knowledge Services has determined that this program qualifies for 2 credit hours, including 0.5 hour in the content areas of Standards, Ethics, and Regulations (SER).
  2. COURSE DIRECTOR Abdulkader Thomas – President & CEO, SHAPE® Knowledge Services Education:  Master of Arts Law and Diplomacy, The Fletcher School of Law & Diplomacy.  Bachelor of Arts Arabic & Islamic Studies, The University of Chicago. Shariah Board Experience:  Bank Muscat Meethaq (Since 2013)  Sterling Bank Nigeria (Since 2013)  University Bank, USA (Since 2006) Based in Kuwait, Abdulkader has over 35 years of diversified financial services experience in major markets including Bahrain, New York, London, Los Angeles and Washington, D.C. His areas of activity have included trade finance, real estate finance, securities, and alternative finance at various global and regional financial institutions. As the general manager of a foreign bank branch in New York, he was responsible for securing the first US banking regulatory approvals of alternative financial instruments in the mortgage and installment credit/sale as banking instruments. Later as the founding member of a de novo Client project, he secured US regulatory approval for profit sharing deposits. Abdulkader has been involved in the successful implementation of these products in the US market. He is an authority on Islamic deal structures and securities. Along with his team at SHAPE®, Abdulkader works on projects that include launching de novo Islamic Clients and Islamic banking windows, policies and procedures including Shariah policies, Shariah compliance, product development and structuring. Clients include a diversified universe of financial institutions from North America, the MENA region, Southeast Asia, Africa, and Europe. He is the co-author of Structuring Islamic Finance Transactions (Euromoney 2005), Islamic Bonds (Euromoney 2004), Sukuk (Sweet & Maxwell 2009), and Managing Funds Flow Risks and Derivatives: Applications in Islamic Institutions (Sweet & Maxwell 2012) and Housing the Nation (Cagamas 2013). He also serves as a director of Alkhabeer Capital in Jeddah. He was chairman and director of Sanabel Investment Co. (formerly Alkhabeer International) in Bahrain. Abdulkader is a member of the international advisory board of the Securities Commission of Malaysia. Abdulkader speaks English, Arabic, French and Spanish
  3. COURSE AGENDA Session 1 : Sukuk Anatomy and Risk Issues for Asset Based Sukuk: 1 hour. This session will analyze how regulation, credit and Shariah drive Sukuk structuring. Case Studies:  Government of Dubai - This transaction demonstrates how unsecured recourse is achieved in one of the most common Sukuk structures - Ijarah or lease based. What are the governing laws for the different documents, and what drives their application?  Republic of Ivory Coast - This deal demonstrates structuring in a civil code country and how the structure differs Dubai? Since this is a domestic deal, the governing laws are different.  Government of Malaysia - This issuance departed from a common leasing structure and adopted a hybrid funding structure. As a 144A deal, we examine whether the hybrid structure affects recourse, governing law, and tax concerns. Session 2: Risks and Recourse in Covered & Asset backed Sukuk: 1 hour. In this session we shift to covered and asset backed Sukuk to compare the risks and recourse. Case Studies:  Ziya Capital - This deal is an auto financing backed Islamic ABS. Although a domestic deal, it demonstrates how Shariah requirements drive what may or may not go into an ABS pipeline.  Tamweel - We compare how a global Islamic ABS is structured. The complexity in structuring increases due to the infancy of the capital market framework and uncertainty about true sale in emerging markets.  Tilal Sukuk - This is a covered Sukuk. We’ll compare the recourse in this deal to that in previous deals. BOOKING, PAYMENT & CANCELLATION POLICY: Please read carefully Booking: By completing, signing and sending the registration form, you are confirming delegate’s place for the course. You are confirming your understanding on our Booking, Payment and Cancellation Policy Payment: All course fees must be received before the course start date. All telegraphic transfer fees, taxes and levies (domestic or otherwise) shall be borne by individual / sponsoring organization. Please be sure to email us the successful wire transfer slip with the completed registration form. Cancellation: Replacement candidates are welcome if delegates are unable to attend the course. Please notify us of the change. No refund will be made. If the course is postponed by SHAPE® for whatever reason, delegates booking will be transferred to the new course date. No refund will be issued for no-show. SHAPE® reserves the right to amend and course outline or speaker due to unforeseen circumstances. In the event of course cancellation, SHAPE® is liable only to refund the cost of the course.
  4. REGISTRATION FORM Please complete and email to zahidah @learncifa.com I am interested in:  Non-CFA Members USD350   CFA Members USD300 Three or more delegates from the same company USD300 per delegate Note: Fees include training materials in softcopy only. DELEGATES DETAILS: Full name CFA Member No Mobile Email 1. 2. 3. 4. 5. INVOICING & PAYMENT Please tell us who should we invoice: Full name: Job Title: Email: Payment Options:  Tel:  Credit Card  ACH & Online  Checks I have read, understood and agree to the Booking, Payment & Cancellation policies, and booking a place for the course. Signature: Date:
  5. CREDIT CARD AUTHORIZATION Full name : Card Type: (As shown on credit card)  Visa  MasterCard  Amex  Discover  JCB Credit Card No: CCV No: Expiry Date: (MM / YY) Billing Address:  I hereby authorize SHAPE® to charge my card in the amount of USD for the payment of Sukuk Analysis: CFA Workshop. I have also read, understood and agree to the Booking, Payment & Cancellation policies, and booking a place for the course. Signature: Date: OTHER PAYMENT OPTIONS Payment by ACH & Online Account Title/Beneficiary : SHAPE Financial Corporation Address : University Bank, 2014 Washtenaw Avenue, Ann Arbor, MI 4810 Routing number : (072413722) Account Number : 2686252 Reference : CFA USA Note: Email the bank transfer slip with the registration form. Checks (Please send to) University Bank, 2014 Washtenaw Avenue, Ann Arbor, MI 48104 (SHAPE Financial Corporation) Note:  Please indicate “CFA USA” as your reference  Your booking will be confirmed upon clearance of the check  Email the copy of the check with the registration form Next Step: Please email the signed copy of the Registration Form, Payment Options Form and relevant payment supporting documents to zahidah@learncifa.com to complete the registration.